Kingfisher starts paying Feb salary to employees

Mumbai: Kingfisher Airlines has started paying February salaries to employees.
According to a company spokesman, this has provided some relief to the staff, including pilots, who recently threatened to go on strike.
On Thursday, banks had told the cash-strapped airline to come up with a concrete action plan to improve its operations within a fortnight.
Currently, the private carrier’s operations are hobbled. Its fleet strength has dropped to 13 from 64 last November.
With the debt-laden airline reportedly defaulting on lease rentals of over Rs 1,000 crore, lessors recently repossessed 34 aircraft.
Bankers say that given its current fleet strength and truncated operations schedule, the beleaguered airline cannot be turned around.
06/07/12 Nivedita Ganguly/Business Line

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Categories: Kingfisher Jul 2012